Chapter 30
Hour Year Round, World Wide Referendum Service: True Credit
Amplification
2How WILL the Stock Exchange Machine be useful?
3 For one answer: as a means of support of pioneering ventures in scientific productions and services. None need be ‘‘afraid’’ with a Stock Exchange Machine to risk the $3 of his personal-credit-total that, prior to its institution, he was putting on the nose of War Admiral ‘‘across the board,’’ in support of a specific manufacturer whose venture he deems to be socially useful, for instance, a manufacturer of radio tubes.
4 It must be remembered that when shares are bought ‘‘in the market’’ the money does not go to the industrial corporation involved; the shares are first sold by that corporation as an original issue to a direct buyer before they are exchangeable. Placing $3 behind XYZ radio tube, by betting on it in the Mechanical Stock Exchange, will not mean putting $3 in the hands of XYZ corporation. The eventuality will be that if Murphy’s credit thought is shared by others so that a number of bets are placed on XYZ the INDEX of share value of XYZ radio tubes will amplify—or contract as the case may be—relative to the index of the share value of all industrial issues. Thus relativity of satisfaction credit will be demonstrated in a most illuminating degree, ‘‘manipulation’’ being mechanically impossible.
5 This indirect credit will aid XYZ radio tubes because the industrial transaction ‘‘credit limit’’ of XYZ will be directly proportional to a true popular credit of its progress ability, new issues and amplifying ‘‘tool-ups’’ thereby being afforded through advertised sale.
6 The dollars involved will be those popularly earned through a direct interpolation of TIME ENERGY conversion rate equivalents. A man has but one life, with an average of 22,000 days and a ‘‘high’’ of 36,500. At the $1 BASE RATE postulated in the ‘‘Dollarability’’ chapter he has a gross birthright capital of $47,085 time-dollars. He gives away many of these in mechanical service to others. How many days of control of his own time does he receive in return? How much of his environment can he control in his self-controlled days? These are the individual-time-control-dollars which are trying to break through the false-front of the legally set up gold or metallic base dollars, inherited from early days when a lack of credit in trading between people of unfamiliar tongues prevailed.
7 What is ‘‘CREDIT’’?
8 The ‘‘credit’’ of the banker’s language has been actually the converse of credit. Dollars made ‘‘liquid’’ for the borrower’s use have involved intrinsic collateral values of 200% and more. If the liquefied capital was not amplified by the borrower in such a manner as to allow repayment of it to the bank within a specified ‘‘time’’ the 200% was forfeited. This eventually involved, by the law of average, the constant transfer to Fincap of dollar dominance. This certainly is NOT ‘‘credit’’; it is ‘‘credit’s’’ antithesis: Shylock’s pound of flesh, DEBIT, which is credit-contraction and is scientifically disynchronous with the expanding universe.
9 CREDIT is that abstract proclivity present in everyone to some degree, which man through experience of successful speculation accords the world populace in general as not only being able to ‘‘do’’ but ‘‘doing.’’
10 CREDIT, then, represents man’s confirmed appraisal of general trends and the sum total of his KNOWLEDGE OF MAN’S ABILITY, through a succession of consummated speculations.
11 The socialized literacy that was recognized as potentially plenitudinous at the inception of the North American States provoked an entirely new plenitudinous category of per capita ‘‘credit.’’ As a result today the total integrated U. S. credit is attracting world wide credit support, as super to any taxing requirement, and as adequate to accelerating industrial progress.
12 This growing, true credit of man’s belief in other men’s behavior pattern, and his readiness to speculate this credit in support of that behavior, was long the piratical monopolist’s goal of exploitation. He was eminently successful in attaining that goal up to 1929. Then, in order to exploit popular credit to its utmost, he allowed true CREDIT to penetrate into his behind-the-scenes activities and thereby wrote his own death warrant. Popular credit, finding naught but a manipulation of truth behind the financial scene, immediately fell away from the manipulator—never again to be vulnerable.
13 It is evident that when the Mechanical Stock Exchange is in operation, abetted by televised world event inspection, a wide flux will occur in the amplification or deflation of the credit dollarability speculated by the individual relative to the ‘‘field.’’ He may enter with a dollarability of three in the morning and come out with a dollarability of five in the evening, without having taken bread and butter from anybody’s mouth, simply because he accredited what was popularly discernible as of the highest service potential to the public. This will benefit industry generally by making possible the maintenance of an open market in which industrial shares may be offered for original sale without recourse to falsehood and deception.
14 These conditions are developing with greater rapidity than is generally realized.
15 The Stock Exchange Machine is going to prove itself to be so delicate an indicator of popular sentiment at all times that it will replace in large measure the ballot box of politics. There will be no necessity of four year referendums to determine the sentiment of the people in relation to legislative progress, administration leadership, or the desirability of sit-down strikes as an effective means of worker welfaring.
16 Pure individual credit speculation, rendered non-exploitable through the Mechanical Stock Exchange, as criteria of popular expression, and an industrially reproduceable, fear-eliminating scientific shelter as the incubator of ever-amplifying credit and courage of speculation, are industrially potential (together with socialization of medics, precipitant through the dramatics of the potential syphilis purge) as the central objective trends currently fast expanding in the popular realization of science’s great gift to man.